I don't know that I'd go that far. If you look at new reproductions of the Demon emblems they have the casting filled in like the originals do. On the reproductions it looks more like the in between spaces are shiny though, where the originals have more of a cast finish between the letters. I don't have a reproduction one though so it may just be how the pictures look.
If you look at the bottom emblem in the picture posted by markzilla88 it looks like the spaces between the legs in the “M” and the “E” are not completely filled in. If you look at the top emblem he posted, as well as all the emblems I posted, you can see that all the spaces in the “M” and the “E” are completely filled in. This is even more clear from the backside, which is why I included a picture of the back of my emblems.
It may be a reflection trick in that original picture posted by markzilla88 though, it's hard to tell without a picture of the back of the emblem.
